Saudi Aramco plans listing in London, Hong Kong, and New York

Published May 10th, 2016 - 09:00 GMT
The sale of Saudi Aramco is planned as soon as 2017 or 2018 and would in theory be five times larger than any initial public offering (IPO) in history. (File photo)
The sale of Saudi Aramco is planned as soon as 2017 or 2018 and would in theory be five times larger than any initial public offering (IPO) in history. (File photo)

Saudi Arabia is hoping to lure ExxonMobil, China’s Sinopec and BP into buying stakes of state-run oil company Aramco, when it sells 5 percent of its equity, according to a section of the media.

Media reports said on Monday that Saudi Aramco is planning a three-way listing in London, Hong Kong, and New York.

The sale of Saudi Aramco is planned as soon as 2017 or 2018 and would in theory be five times larger than any initial public offering (IPO) in history.

Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, first announced in April the decision to sell less than 5% of Aramco in an Initial Public Offering (IPO), valuing the company at between $2 trillion and $2.5 trillion.

The Vision 2030 released on April 25 said: “We are determined to reinforce and diversify the capabilities of our economy, turning our key strengths into enabling tools for a fully diversified future. As such, we will transform Aramco from an oil producing company into a global industrial conglomerate. We will transform the Public Investment Fund into the world’s largest sovereign wealth fund.”

Saudi Aramco chief and new energy minister pledged continuity in the Kingdom’s oil policy.

“Saudi Arabia will maintain its stable petroleum policies,” Khalid Al-Falih said in a statement on Sunday.

“We remain committed to maintaining our role in international energy markets and strengthening our position as the world’s most reliable supplier of energy,” Falih added.


© Copyright 2021 The Saudi Gazette. All Rights Reserved.

You may also like